Fortune Minerals Releases Third Quarter 2011 Results

LONDON, ON, Nov. 7, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") is pleased to announce that its consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the period ended September 30, 2011 have been filed and are available on SEDAR (www.sedar.com) or through the Company's web site (www.fortuneminerals.com).

As at September 30, 2011, Fortune had cash and cash equivalents of $30,341,681 and a working capital balance of $26,025,526.  The Company generated net income of $6,141,309 ($0.06 basic income per share) and $5,140,995 ($0.05 basic income per share) for the three and nine months ended September 30, 2011, respectively.  These financial results are principally the result of the sale of a 20% interest in the Mount Klappan project ("Klappan") and business partnership with POSCO Canada Ltd ("POSCAN").  POSCAN is the Canadian subsidiary of South Korea-based POSCO, one of the world's largest steel producers.    The transaction is described in the Company's news release dated July 13, 2011.

The following table provides selected consolidated financial information that is derived from the unaudited interim consolidated financial statements of the Company:

           
  Three months ending September 30,   Nine months ending September 30,
  2011 2010   2011 2010
Net income (loss) $6,141,309 ($241,028)   $5,140,995 ($733,396)
Basic income (loss) per common share $0.06   $0.05 ($0.01)

About Fortune Minerals Limited:

Fortune is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada.  The Company is focused on the development of the Mount Klappan anthracite metallurgical coal deposits in BC and the NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories ("NT").  As part of the development of the NICO deposit, Fortune is developing a hydrometallurgical plant in Saskatchewan to process NICO concentrates to high value metal products. The Company has also acquired the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled, moved, and stored for relocation to NICO.  In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT.  Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

 

 

 

SOURCE Fortune Minerals Limited

For further information:


Fortune Minerals Limited
      Renmark Financial Communications
Robin Goad, President, or
Troy Nazarewicz Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com
      Barbara Komorowski: bkomorowski@renmarkfinancial.com, or
Bettina Filippone: bfilippone@renmarkfinancial.com
Montreal Tel: (514) 939-3989, Toronto Tel. (416) 644-2020
Montreal Fax: (514) 939-3717, Toronto Fax. (416) 644-2021
www.renmarkfinancial.com

 


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